Chicago Board of Trade soyabean futures were lower at midday Thursday as weather outlooks suggested a lesser chance for a freeze across the northern US Midwest, brokers said.
"The forecast maps this morning are as different from yesterday as night and day," said AG Edwards analyst Bill Nelson.
"The maps made the first step of a dramatic switch in the noon updates on Wednesday," he added. "The cold weather was jettisoned from the Upper Midwest region."
CBOT soya futures have rallied recently, with a six-week high set on Wednesday, on fears of a possible northern US Midwest freeze.
Northern US Midwest soyabeans are already lagging normal maturity rates due to an unusually cool summer, and an early freeze could severely hit yields, brokers noted.
At 10:30 am CDT (1530 GMT) on Thursday, CBOT soyabeans were down 3 cents to 8-1/4 cents per bushel, with September down 8 cents at $6.28-1/2 and November down 8-1/4 cents at $6.29. Caylon Financial and Cargill Inc each sold 200 November, while Refco Inc bought 500 November, brokers said. There were nil deliveries posted Thursday against the September soyabean, soyameal and soyaoil contracts.
CBOT soyameal futures were last down $1.00 per ton to $3.40, with September down $2.40 at $178.70 and December down $3.40 at $178.50 per ton. Cash US soyameal basis offers were steady to weak early Thursday, dealers said.
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